The Australian government strongly believes that there are plenty of opportunities across the country’s economy that can be seized and enabled by the use of blockchain technology. The Blockchain Roadmap was published by the Australian government recently. The document describes the great potential of blockchain technology in terms of creating jobs, saving money for businesses, as well as provoking economic growth and improving the productivity of the country in general.
The roadmap has highlighted some of the major steps that the government needs to take in order to achieve a successful transfer. To be more specific, there are 12 points that need to be covered before 2025, and 5 years is not that big of a time frame for very big changes. The National Blockchain Roadmap Steering Committee will be established, which will also be in charge of monitoring the transfer and cooperating with other committees, such as the Treasury Fintech Advisory Committee.
The first major steps to be taken are the research within the sector and the government. There are three major fields to cover. Those are the agriculture sector, the educational and financial sectors. In the case of the agriculture sector, the key focus is to supply chains and wine export. The individual skills and capabilities are always the top priority of the educational sector, thus the main focus for the sector will be the trusted information regarding all of the credentials. While for the financial sector the key point is the identity checks and implementing the Know Your Customer platform.
Within the implementation of blockchain technology, the blockchain providers will be the key actors, who will work on to increase the management capability around digital technologies. The creation of a common framework for institutions, mainly for the educational sector, is also an essential part.
Karen Andrews, who is the Minister of Industry, Science and Technology seems to be very excited regarding the initiative, while making the comment. She outlined some of the highlights of blockchain technology and also stressed the great potential and opportunities of the blockchain. She said that the main benefit might still come to the financial sector of the country. She said that some of the major advantages will be the supply chains and logistics. Andrews talked about the huge advantage of the country in terms of knowledge and world-class research in the fields. She added that some of the leading companies in the industry have already developed the international standards of blockchain systems.
Digital Transformation Agency, DTA is one of the key actors as well. The agency will provide supervision on the roadmap and will give advice regarding the implementation of the technology. Peter Alexander, the chief digital officer of the DTA mentioned that the transfer to the blockchain is one of the most picturesque perspectives, as this system does not have the alternative in terms of safety and security in the connection and API engagement.